May 30, 2016 / 10:02 AM / 2 years ago

SE Asia Stocks-Most rise after Yellen's comment

By Rushil Dutta
    May 30 (Reuters) - Most Southeast Asian stock markets rose
on Monday as a top U.S. Federal Reserve official echoed comments
made by Fed Chair Janet Yellen last week about the possibility
of an interest rate hike in the near future.
    St. Louis Federal Reserve President James Bullard said on
Monday global markets appeared to be "well-prepared" for an 
interest rate rise in summer, although he did not specify a date
for the policy move. 
    On Friday, Yellen had said the Fed should raise interest
rates "in the coming months" if the economy picks up as expected
and jobs continue to be generated. 
    "Yellen was hawkish on Friday, and her speech affirms the
change in stance and monetary policies in the United States.
Investors are now waiting to see how the rate hike affects asset
prices," Alex Tiu, an analyst with AB Capital Securities Inc in
Manila, said.
    "The speech signalled that the U.S. economy is improving to
the point where the Fed feels confident to raise rates - export-
oriented countries will greatly benefit from a healthy U.S.
    Sentiment was also strengthened after the U.S. Commerce
Department said on Friday that GDP rose at a 0.8 percent annual
rate in the first quarter as opposed to the 0.5 percent pace
reported last month, according to a second GDP estimate for the
January-March period. 
    Vietnam shares rose for a second straight session on
Monday and closed 1.1 percent higher, led by financials and
energy stocks. State-owned PetroVietnam Gas finished
0.9 percent higher.
    The Philippine main index finished 0.7 percent
higher, with telecom services and utility stocks leading the
    Philippine Long Distance Telephone Co (PLDT), San
Miguel Corp, and Globe Telecom Inc were the
biggest gainers. PLDT and Globe Telecom agreed to buy
conglomerate San Miguel Corp out of the telecoms sector for $1.5
    Indonesian stocks ended 0.4 percent higher,
supported by energy and financials. Petroleum distributor AKR
Corporindo Tbk PT rose 4.6 percent.
    The Thai SET index closed 0.8 percent higher, while
Singapore was marginally lower. Malaysia's main stock index
 lost 0.5 percent, with agriculture firm PPB Group
 recording the biggest percentage loss. 
For Asian Companies click;  

  STOCK MARKETS                                 
  Change on day                                 
  Market         Current     Previous   Pct Move
  Singapore      2796.75     2802.51    -0.21
  Bangkok        1424.12     1412.67    0.81
  Manila         7464.34     7411.68    0.71
  Jakarta        4836.033    4814.731   0.44
  Kuala Lumpur   1629.87     1637.19    -0.45
  Ho Chi Minh    614.5       608.11     1.05
  Change on                             
  Market         Current     End 2015   Pct Move
  Singapore      2796.75     2882.73    -2.98
  Bangkok        1424.12     1288.02    10.57
  Manila         7464.34     6952.08    7.37
  Jakarta        4836.033    4593.008   5.29
  Kuala Lumpur   1629.87     1692.51    -3.70
  Ho Chi Minh    614.5       579.03     6.13

 (Additional reporting by Aparajita Saxena in Bengaluru; Editing
by Biju Dwarakanath and Subhranshu Sahu)
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